Account Recovery

SEPTEMBER 10, 2021

A motion has been filed in a West Virginia federal court to approve a settlement in a class action Fair Debt Collection Practices Act and West Virginia Consumer Credit Protection Act case that will see the defendant pay $995,000 after it was accused of sending letters that did not include updated language required under state … The post Collector (..)

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Consumer Finance

FEBRUARY 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022.

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Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

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True Accord

AUGUST 9, 2022

This year, the challenges of managing delinquencies and navigating an uncertain economy will compound, making it imperative for companies to critically think about their strategy to collect from consumers in debt. What are we seeing in consumer credit trends today? Of course, one leading indicator is demand for credit.

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Account Recovery

NOVEMBER 9, 2021

Governor Signs Collection Bill Into Law; Headache Not Enough For Plaintiff to Have Standing appeared first on AccountsRecovery.net.

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Collections Consumer Credit 246

FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Can you get an extension on the time to collect consumer credit transactions?

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FFGN COLLECT NY

MAY 2, 2022

Join Frank, Frank, Goldstein and Nager’s managing partner Jocelyn Nager for webinar on New York’s Consumer Credit Fairness Act. The act, which was signed into by Governor Kathy Hochul in November and largely goes into effect in May, changes rules around consumer debt collection.

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Fico Collections

FEBRUARY 10, 2022

Developed by FICO in partnership with LexisNexis Risk Solutions and Equifax, this innovative score utilizes alternative data—data not included in the traditional credit bureau file. The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5 by Joanne Gaskin.

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Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. They are aggressive, and they will not stop unless you pay them or remove their account from your collection account. We can help you remove their collection account from your credit report.

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Collection Industry News

NOVEMBER 30, 2023

consumer credit card debt at highest levels ever, ahead of the holidays appeared first on Collection Industry News. But, he does recommend the faster a person can pay off debt, the better. He also recommends people create a financial plan. The post U.S.

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Collection Industry News

MARCH 22, 2022

The three major credit bureaus said nearly 70 percent of paid medical debt, which can drag down people’s credit scores, will be removed from consumer credit reports by July 1. Starting in the first half of 2023, the bureaus will no longer include medical collection debt under at least $500 on credit reports.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Troutman Sanders

NOVEMBER 18, 2022

According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing. Another reason the CFPB states is behind the proposed data collection is the purported rapid changes in the industry.

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Collection Industry News

SEPTEMBER 2, 2023

. “The restart of student loan payments for those higher-income, young and middle-age professionals could be a big drag on consumer spending by that cohort,” he said. The post Inflation is driving up consumer credit card debt by billions of dollars appeared first on Collection Industry News.

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Fico Collections

AUGUST 16, 2021

“Amounts owed” comprises some 30% of the overall FICO® Score calculation and is heavily weighted towards credit card balances and utilization so the observed reduction in credit card debt is helping to drive scores upwards. Fewer consumers are actively seeking credit. There has been a 12.1% The Other Side of the Coin.

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Troutman Sanders

OCTOBER 10, 2023

The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. The firm allegedly collected about $81,000 of that amount. The firm had 14 days to request a hearing, but failed to do so.

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Nexa Collect

JUNE 18, 2023

Here are some points to consider regarding the impact of medical debt default on the patient’s credit scores: Reporting to Credit Bureaus : When a medical debt goes unpaid for an extended period, the healthcare provider may send the account to a collection agency. However, not all collection agencies will agree to this.

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Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). New Information and Document Requirements When Filing and Prosecuting a Debt Collection Action. Statute of Limitations for Debt Collection Actions.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Garnishment Collections Debt collector Student loans 40

Troutman Sanders

SEPTEMBER 18, 2023

Solar Service Experts, LLC highlights the potential pitfalls for solar energy providers and their collections agents. The plaintiff filed a class action lawsuit on behalf of himself and similarly situated consumers. A recent decision by the California Court of Appeals in the case of Hagey v.

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FFGN COLLECT NY

MAY 17, 2023

Legislative changes affecting consumer collections for tuition recovery went into effect in 2022 largely as a result of the Consumer Credit Fairness Act (CCFA). As a result, the law specifies documents required to file a consumer debt collection case in New York. Instead, you can list them as zero balance.

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FFGN COLLECT NY

MARCH 15, 2022

It’s important you verify the information contained in a debt collection affidavit before you sign it. An affidavit is sworn testimony used to support your debt collection case. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure.

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FFGN COLLECT NY

JANUARY 6, 2023

The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Interested in learning more about debt collection in New York?

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Credit Corp

JANUARY 21, 2021

A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Can you sue a company for sending you to collections for money you didn’t owe? How Does the Law Protect Your Rights Regarding Credit Collections and Reporting?

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Collection Industry News

DECEMBER 25, 2023

New YorkCNN — The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined were illegal collection practices. Colorado recently enacted a similar ban.

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Collection Industry News

DECEMBER 14, 2021

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. The post New York Significantly Changes Debt Collection Lawsuits appeared first on Collection Industry News. Source: site.

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Troutman Sanders

FEBRUARY 15, 2023

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022.

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Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. These laws aim to protect consumers from unfair, deceptive, or abusive practices. Here are some important consumer laws that collectors should be familiar with: 1.

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Collection Industry News

JUNE 14, 2021

Colorado’s Administrator of the Uniform Consumer Credit Code recently amended the rules implementing the state’s Fair Debt Collection Practices Act. Provisions governing collection costs, letters of admonition, and the retention of recorded communications were also amended.

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Debt Recoveries

JUNE 25, 2023

There are several obstacles that business owners must overcome in order to operate a successful company in Australia, and one of the most typical of these is debt collection. Although giving consumers credit is important for organisations, dealing with unpaid bills and late payments can negatively affect cash flow and impede growth.

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Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection. by Bruce Curry.

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Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Logicoll represents creditors in the resolution of outstanding consumer credit accounts.

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Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? While missing a payment on one of your accounts might seem like a minor offense, it can have major consequences on your credit. If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report.

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FFGN COLLECT NY

JULY 20, 2021

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. The New Consumer Debt Collection Requirements.

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Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. You have rights to help you gain control over your debt collection interactions. Call or text you to collect a debt between 8 a.m.

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Collection Industry News

JANUARY 19, 2021

Santa Fe, NM—Attorney General Hector Balderas today issued an advisory to New Mexicans warning them about predatory debt collection practices from companies that attempt a variety of tactics to prey on New Mexican consumers. The full story on this particular company and these issues can be found here: [link]. or after 9 p.m.,

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Troutman Sanders

MARCH 1, 2021

355 , which is intended to prevent health care providers and their agents from taking “extraordinary collection actions” relating to the collection of debts incurred from the “receipt of medical services, products, or devices.”. On February 22, Senator Chris Van Hollen (D-MD) introduced Senate Bill S.

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